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Bitcoin Price Predictions: BTC Eyes Resistance at $38,685

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Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
By Arslan Ali Butt
author
Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
on November 29, 2023 | 2 min
Updated on Nov 29, 2023
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  • Bitcoin BTC shows a robust recovery, trading at $37,912.67 with a 2.44% increase.
  • Immediate resistance lies at $38,684, with the potential to test higher levels.
  • Bullish trend supported by technical indicators and chart patterns.

In the ever-evolving landscape of the cryptocurrency market, Bitcoin (BTC) has recently captured the attention of investors and analysts alike. Following a challenging 2022, Bitcoin has witnessed a remarkable 129% increase in its value this year, buoyed by an upbeat market outlook. The potential for interest rate reductions, as hinted at by Federal Reserve Governor Christopher Waller, further bolsters the positive scenario for risk assets, including cryptocurrencies. Consequently, this optimism is currently driving an uptrend in Bitcoin’s price.

The surge in Bitcoin’s value, propelled by a robust trading volume of over $22 billion, is closely watched as it approaches a significant resistance level at $38,685. This pivotal moment in BTC’s journey is a blend of anticipation and analysis, as market participants speculate on the potential breakthrough or pullback at this critical price point.

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BTC/USD Price Chart
BTC/USD Price Chart – Source: Tradingview

Bitcoin (BTC) Price Prediction: Technical Outlook

Bitcoin’s journey in the volatile crypto market continues to intrigue investors. On November 29, Bitcoin (BTC/USD) exhibited a notable upswing, recording a 2.44% increase within 24 hours, pushing its price to $37,912.67. With a hefty trading volume of $22,615,580,194, BTCmaintains its dominance in the digital currency space, backed by a substantial market cap of $741,415,572,857.

The technical landscape for BTC on a 4-hour chart unfolds a story of resilience and potential. A key pivot point is identified at $37,161, serving as a foundation for the current bullish sentiment. Bitcoin confronts immediate resistance at $38,684, with subsequent levels at $39,933 and $41,395 posing as crucial hurdles for continued upward momentum.

Supporting this upward trend are robust technical indicators. The Relative Strength Index (RSI) stands at 60, indicating a healthy bullish sentiment without veering into overbought territory. The Moving Average Convergence Divergence (MACD) at 93.89, although below the signal line of 133.10, doesn’t significantly diminish the bullish outlook

An intriguing development is Bitcoin’s position concerning the 50-Day Exponential Moving Average (EMA) at $37,333. Currently trading above this level, BTC demonstrates a bullish trend in the short term. Chart analysis reveals an intriguing pattern: BTChas breached an ascending triangle pattern, providing resistance at $38,000. This breakout could signal continued strength in the bullish trend.

As BTC navigates these technical waters, the overall trend remains bullish above $37,333. The immediate future holds the potential for BTC to test and possibly surpass resistance levels, especially the imminent $38,684 mark. This trajectory paints a promising picture for BTC enthusiasts and investors, underscoring the dynamic and ever-evolving nature of the cryptocurrency market.

Stay tuned for more updates!

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About Arslan Ali Butt
Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
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